The metaverse is a lucrative business.
Valued at well over $1 trillion by various private companies, including Citi Bank, the metaverse is seen as big business for investors and entrepreneurs. Citi thinks the metaverse will also find practical applications in social collaboration and healthcare — and become a $13 trillion industry by 2030.
The meta idea exploded in the tech world when Mark Zuckerberg decided to concentrate his company’s efforts on building one. In October 2021, he even changed the company’s name from Facebook to Meta.
What is the metaverse?
It’s a “digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually,” according to Investopedia.com. “Augmented reality overlays visual elements, sound and other sensory input onto real-world settings to enhance the user experience. In contrast, virtual reality is entirely virtual and enhances fictional realities.
“As the metaverse grows, it will create online spaces where user interactions are more multidimensional than current technology supports. Instead of just viewing digital content, users in the metaverse will be able to immerse themselves in a space where the digital and physical worlds converge.”
Rupantar Guha, project manager for GlobalData’s thematic research team, sees the metauniverse as a boost for startups.
“Enterprises are the prime market for the metaverse in 2022. New use cases are emerging, as Nvidia, Microsoft, Meta and HTC bolster their metaverse capabilities and startups develop specific solutions around data visualization, collaboration and training,” he said.
Earlier this year, JP Morgan Chase became the first bank to set up shop in the metaverse, which it viewed as a $1 trillion opportunity, according to Interesting Engineering.
Social Media Boost
Across platforms, the rate at which metaverse and involved topics are being mentioned is increasing. The density of topics and overall positive rating concerning the metaverse are up 44 percent this quarter from last year.
The reason this is significant: Despite losses and setbacks, Meta and the metaverse have had a profound effect on the nature of the market discourse. There is increased traffic in the metaverse and a huge influx of funds going to various projects and sites.
Adidas, Nike, Disney, Walmart, among various big-name brands, have announced plans to become part of the metaverse. Goldman Sachs estimates that the metaverse market will grow to $8 trillion, per Fortune, setting in motion a profound technology shift.
Produced in association with MetaNews.
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